Senior Living Apartment Finances
Hello all,
I am a long time lurker on Bigger Pockets. I grew up in the real estate and hotel business, own a small general contracting company and am close to obtaining my nursing home administrators license. As many of you have mentioned in prior posts, senior housing can be incredibly complex at the skilled nursing level. My ultimate goal is to own Independent or Assisted Living Units. Even the large companies are leaving the Nursing Home business and I don't blame them.
1) For those of you out there who currently own or operate Residential Assisted Living Facilities, Retirement Communities, Independent Living, or Assisted Living's Unites would you be willing to offer any more detail on your operating expenses? I am determining my rough per/unit costs for each level of care (obviously geographic dependent). I am not intimidated from facility license requirements as long as the additional costs can be justified. If you are willing to share any date PM me :).
2) I am open to any location within the US. My preliminary research indicated North Carolina, South, Carolina, Georgia, Florida, Arizona, and Texas and great future Baby Boomer States. Any thoughts? Specific cities?
3) Have you had more success at the low income level or higher private pay level?
4) Is anyone receiving reimbursement beyond section 8? Ex: Memory Care? Renting space to Adult Day care provider? Here is Maine, facilities are eligible to obtain Maine care assisted living beds and receive reimbursement.
5) For those of you with multiple Residential Care Homes: Have you localized your facilities and incorporated a central office for operations?
I have a passion for senior care and am hopeful to make a bit of $$$ in the process.